Elpro International zooms 20% on PNB MetLife stake sale plan

The stock surged 20% to Rs 49.45 on the BSE after the company said it will offload 1.25% of its equity stake in PNB MetLife Insurance Company, which may fetch it about Rs 1,250 million.

Shares of Elpro International have surged 20% to Rs 49.45 per share on the BSE in intra-day trade after the company said it will offload 1.25% of its equity stake in PNB MetLife Insurance Company (MetLife), which may fetch it about Rs 1,250 million.

"For effective treasury management and cash flow requirement for the business of the company, company is in discussion with one potential buyer for sale of part of its investment to the tune of approximately 1.25% of the paid up equity of MetLife," Elpro International said in a regulatory filing.

The board of directors accorded